Commerzbank analysts suggest that GBP/USD has rapidly bounced off the 61.8% retracement at 1.2196, neutralizing their forecast.

Key Quotes

“Minor resistance at the 1.2506 June low and stronger resistance at the mid-July and September highs at 1.2580/82 is back in the picture. Below the current October low at 1.2194 lies the early and mid-August lows at 1.2091/15 and major support lies at the 1.1958 September low.”

“A slip through the 1.1958 recent low would put the 1.1588 1985-2019 support line and the 1.1491 October 2016 low (according to CQG) back in the picture.”

“A close above 1.2580/82 would introduce scope to the seven month resistance line at 1.2612 and the 200 day ma at 1.2712.”

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